Electric mining market predicted to boom

The electric mining market will grow more than US$23bln by 2044 – a 32% compound annual growth rate, reports IDTechEx.

Although still emerging, more major original equipment manufacturers are increasingly electrifying their products, finds the emerging technology research organisation.

Sector growth will be driven by complementary sectors – such as batteries and charging – as well as policy drivers, health and safety, and the total costs of ownership savings.

In Electric Vehicles in Mining 2024-2044: Technologies, Players, and Forecasts, IDTechEx analyses 70 vehicles to discover trends in batteries, charging, pricing and other enabling technologies.

The mining industry accounts for 2-3% of all global carbon dioxide emissions, says the research organisation, with 40-50% from diesel-engine mining vehicles.

There is a wide range of possible duty cycles for mining machines, but the most intense require 20-hour a day operating times, or even round the clock. 

IDTechEx analysis highlights that a single, 150-tonne diesel haul truck will require over US$850,000 per year in fuel, and electrification could save over US$5.5mln in energy costs alone over the vehicle's lifetime.